Indian IT services provider Wipro Ltd (WIPR.NS) said on Thursday revenue from its mainstay IT Services unit would fall in the current quarter, after posting a marginal dip in profit for the three months ended March.
The Bengaluru-based company forecast revenue from IT Services business to fall between 1% and 3% on constant currency terms, in the range of $2,753 million to $2,811 million for the first quarter.
Bigger rivals Tata Consultancy Services (TCS.NS) and Infosys (INFY.NS) have also reported lower than expected quarterly earnings and gave weak forecasts.
Indian IT services companies are seeing delays in deal closures, order rampdowns as well as cancellations due to turbulent macro-economic environment, with the U.S. and Europe facing recession worries.
Net profit for Wipro fell for fell 0.4% to 30.75 billion rupees for the quarter ending March, while revenue rose 11.2%.
